Smart Glass Market worth $8.2 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 12, 2022 /PRNewswire/ -- According to a research report "Smart Glass Market by Technology (Suspended Particle Display, Electrochromic Glass, Liquid Crystals, Micro blinds, NanoCrystals, Photochromic and Thermochromic), Application, Control Mode and Geographic Analysis - Global Forecast to 2027", published by MarketsandMarkets™, the global Smart Glass Market is projected to grow from USD 5.0 billion in 2022 to USD 8.2 billion by 2027; it is expected to grow at a CAGR of 10.4% from 2022 to 2027. The key factors fueling the growth of this market include increasing importance of smart glass in the healthcare industry, rising use of smart glass in automobile applications and government support for energy-efficient construction.
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Suspended Particle Display technology is projected to Register highest CAGR during forecast period
SPDs respond to AC power to turn the glass from dark to clear. They are ideal for light control applications such as skylights, auto glass, sunroofs, aircraft windows, and marine windows and portholes. The market for architecture is expected to grow at the highest CAGR of 13.4% during the forecast period due to the increase in the demand for energy-efficient and eco-friendly products. Additionally, SPD smart glass-enabled products have less maintenance costs, making these products a popular choice in industries. SPD smart glass has a strong presence in the architecture application. SPD smart windows offer energy savings, lower maintenance costs, and increase the aesthetic value of a structure, which, in turn, is helping the market to grow. The major factors supporting the growth of the SPD smart glass market for the commercial architecture are the superiority of this technology in terms of energy efficiency and the requirement for low-maintenance supervision. Government policies on environmental protection also contribute to the increased use of SPD smart glass in corporate applications.
Transportation segment held the largest market share of smart glass market
The transportation application accounted for the largest share of the smart glass market in 2021 as several automobile manufacturers have been incorporating smart glass materials in their vehicle designs to benefit from its antiglare property, remote access capacity, and dynamic light emission adjustment properties. Transportation is one of the major application areas of smart glass products. Smart glass is used in doors, windows, sunroofs, windshields, rear-view mirrors, and skylights. Smart glass helps minimize heat generation, provides shading, limits the viewing scope, and offers privacy to users. The automotive application of the transportation segment is the leading consumer of smart glass products. Several automobile manufacturers are incorporating smart glass materials in their vehicle designs to benefit from their antiglare property, remote access capacity, and dynamic light emission adjustment property. The automotive sector uses smart glass sunroofs, windows, visors, and rear-view mirrors. Users can cotrol such products with a simple switch, allowing for the easy regulation of lighting and cooling.
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Asia Pacific is projected to register the highest CAGR during the forecast period.
Asia Pacific includes the fastest developing economies of the world—China and India. It also has a few developed economies such as Japan, Russia, Singapore, and Australia. The rapid industrialization and increasing disposable income help the smart glass market in this region to grow. APAC is an emerging market for smart glass and hence, is expected to hold a prominent position in the market. Many smart glass players are strategizing to tap this market. Companies such as SageGlass and Research Frontiers Inc. have collaborated with distributors and partners in the region to enter this unexplored territory. The lack of awareness and low disposable income have restricted the growth of the smart glass market in developing countries in APAC. However, this scenario is changing; government incentives and tax credit programs are encouraging the use of smart glass in the region. The adoption of smart glass is expected to increase across APAC in the coming years with its reducing price.
Major players in the smart glass market are Saint-Gobain (France), AGC Inc. (Japan), NSG Group (Japan), Research frontier (US), Gentex Corporation (US), View Inc (US), Corning (US), Showa Denko Materials (Japan), Pleotint(US) and Smartglass International (Ireland). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global smart glass market.
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